We're still in the early days of Web 3.0, so it's hard to predict exactly how it will play out. But some things are already clear: For one, the metaverse will play a starring role – a virtual space where people can interact and do business. And DAOs — decentralised autonomous organisations – will be a critical part of the metaverse, allowing for decentralised governance and cooperation on a large scale.
For those who are less familiar, the metaverse is a virtual world that exists online, and can be accessed through a browser or special software. It allows people to interact with each other and access different applications and websites. DAOs are self-governing and self-funding entities that exist on the blockchain. They provide a way for people to cooperatively manage resources without the need for a central authority.
The emergence of Web 3.0 technologies has led to a new wave of interest in the potential for the Internet to enable truly transformative changes in the way we interact with each other and with the world around us. To meet the demand, SMU Academy has launched a suite of programmes focusing on the latest innovations arising from the Web 3.0 economy such as the Metaverse, DAOs, Smart Contracts, GameFi and NFTs. As Web 3.0 opens doors to new marketplaces, revenue channels and business models, these programmes aim to equip a broad spectrum of businesses and participants for the new generation of the Internet.
From introductory programmes such as “Understanding DAO” and "Diving into the Metaverse" to more advanced programmes such as the “SMU Certified Blockchain Developer”, SMU Academy offers a range of programmes to cater to working professionals and business leaders at all stages of learning.
As Mr Jack Lim, Executive Director, SMU Academy, explained, “Expanding the horizon of what Web 3.0 means for society begins with equipping our workforce with the relevant knowledge to seize these new opportunities, strengthen innovation and advance a wave of emerging tech”.
The third wave
As hard as it is to imagine, the World Wide Web that we have been familiar with for the past three decades is just the tip of the Internet iceberg. The next phase of the Internet promises to revolutionise the way we interact with the online world. Web 3.0 is still in its nascent stages, but it promises to be a more interactive, user-centric version of the web that we use today. This new era will be powered by semantic technologies and will allow users to better find, share, and interact with information online.
Through a mix of theoretical and practical sessions, the participants of SMU Academy’s programmes will learn how to critically analyse problems and address problems of interest to industry partners that can be translated for practical business scenarios. In doing so, they will develop a greater understanding of how these technologies can create real-world solutions with a positive impact on society. Ultimately, these programmes provide an invaluable opportunity for participants to develop the skills and knowledge they need to shape the future of the Internet.
Moreover, Singapore has been a tech hub committed to Web 3.0, being fully aware that the next wave of the Internet will be centred around blockchain technology and other distributed ledger technologies. As Mrs Josephine Teo, Minister for Communications and Information, said at the Business China's Singapore Digital Economy Forum in August 2022: “Every now and then, developments in the world of digital technology create great excitement and curiosity. Web 3.0 and the Metaverse are two such examples.”
Mrs Teo added that in 2021, venture firms invested more than US$33 billion in crypto and Web 3.0 start-ups, mostly those that are involved at the infrastructural layer. In just the first five months of 2022 alone, over US$120 billion were poured into Metaverse investments, more than double that of 2021. Against this vibrant backdrop for tech innovation, programme participants may reinforce their skillsets and tap into burgeoning job opportunities in the city-state and beyond.
Learning from the best
Just as how this third generation of the Web is based on principles of collaboration and the sharing of knowledge, which in turn creates social impact; it’s necessary for education to evolve as well to tap into the potential of this new era.
SMU Academy has collaborated with leading industry practitioners, such as Mr Yong Sheng Le, a former Deputy Director of the FinTech and Innovation Group at the Monetary Authority of Singapore (MAS), to share their knowledge and expertise to help companies navigate through the many challenges and risks associated with digital transformation. In addition, they can provide invaluable insights on how best to take advantage of the opportunities presented by new technology, and share invaluable thought leadership on creating value in a digital economy.
Alongside SMU’s unique interactive pedagogy, participants can explore real-life cases and develop rigorous strategies and solutions for thriving in a digital future. The programmes provide a platform for participants to engage with one another as well as with industry partners, and collaborate on projects. This form of interactivity can help facilitate the transfer of knowledge from the classroom to the workplace. By providing a simulated environment that mirrors the real world, trainers can provide professionals with the skills they need to envision the potential of conducting business a digital ecosystem.
As businesses and organisations undergo digital transformations, the importance of metaverse and DAO technologies cannot be understated. Staying up to date with these cutting-edge advancements can give professionals a major competitive edge in today's ever-changing landscape.
“Businesses that are involved in the metaverse early will enjoy early adopter advantages, allowing them to have more ownership of the metaverse’s total available market and culture as it becomes more mainstream,” said Mr Lim.
“SMU Academy, with our deep linkages to both academia and industry, is well-positioned to offer a comprehensive suite of structured training to build new capabilities, skillsets and mindsets in emerging areas and new frontiers.”